The blockchain, the foundational technology behind digital currencies like Bitcoin, is increasingly making its way into the oil and gas industry. Major players such as BP and Shell have taken the lead in exploring how this technology can transform their operations.
At the China Energy Week, Zhang Yao from Bit Capital Investment Management highlighted that energy blockchain could unlock trillions of digital assets. He noted that Alibaba alone holds approximately 4 trillion in digital assets, and with the rapid growth of cryptocurrencies—like Bitcoin, which has surged by tens of thousands of times—the global digital currency market now exceeds one trillion dollars.
Blockchain is not just a buzzword; it's actively being tested within the oil sector. Zhang explained that the core of blockchain lies in eliminating intermediaries, enabling direct exchanges between people or systems. From barter in ancient times to modern digital platforms like WeChat, society has always relied on intermediaries. Now, blockchain allows for peer-to-peer transactions without the need for third-party platforms like Alipay or WeChat, reducing costs and increasing efficiency.
He pointed out that current payment systems are inefficient. For example, transferring money from RMB to usage can take up to two weeks and involve a 10% transaction fee. With blockchain, users can store data locally, exchange directly through their servers, and distribute content using their own methods—without relying on external services.
Zhang outlined three key areas for blockchain development in the oil industry: supply chain, finance, and payment and information flow. BP, for instance, has strong supply chain integration capabilities, and its use of blockchain in tracking crude oil from producers to retailers helps reduce operational costs.
Shell recently invested in Applied Blockchain, a company specializing in distributed ledger technology and smart contracts. This marks a significant step for blockchain into the energy sector, aiming to bring real-world solutions to global business ecosystems.
Johan Krebbers, CTO of Shell’s global solutions division, emphasized that blockchain can simplify processes, from supplier collaboration to customer service. In 2017, BP, Shell, Petronas, and others formed an alliance to develop a blockchain-based energy trading platform by 2018, aiming to streamline cross-border payments, record-keeping, and supply chain management.
Zhang also mentioned IBM’s Hyperledger Fabric, where blockchain ensures trust through immutable records. If any node tries to alter data, it becomes detectable, ensuring transparency and security.
Blockchain not only reduces costs—its ERP systems can be 30% cheaper than traditional ones—it also stabilizes oil prices and enables better coordination across the supply chain. Decisions are based on the entire network’s supply and demand, rather than arbitrary production plans.
Venezuela’s Petro, a digital currency backed by oil reserves, is another example of blockchain’s potential in the energy sector. Launched in 2018, it aims to create a new form of digital currency tied to national resources.
According to Zhang, financial companies should quickly integrate into the energy blockchain, while refiners and traders should join alliance chains to build real ecosystems. He categorized blockchain into public, private, and consortium chains, each playing a different role in the digital economy.
Gas stations, he argued, are already part of a decentralized system. They connect to side chains like car washes and after-sales services, with the main chain representing the central hub. The future retail model, he said, could resemble a digital Taobao, where gas stations become local clearing centers.
In conclusion, those who embrace blockchain early will gain a competitive edge, especially in the face of electric vehicles and shifting energy landscapes. The next decade could see a transformation in how we manage energy, finance, and commerce through the power of blockchain.
wall mount power supply,ac wall adapter,wall power adapter,ac dc power adaptor,ac to dc wall adapter
FOSHAN SHUNDE KELICHENG POWER SUPPLY TECHNOLOGY CO., LTD , https://www.kelicpower.com